Things to Be Cautious About While Buying A Commercial Property

Hand giving key on a city background

It is true that we have to be cautious while buying anything in today’s date. We have to be highly cautious especially when we invest a huge amount of money. Prevention is certainly better than cure. You need to be well aware about the property you are going to invest in. You should be well educated about the things affecting it as well. You have to be aware of the laws and facts at different places in order to invest wisely.

Here are a few things to take care of while looking for a commercial property in Delhi NCR

Verifying the builder

You need to make sure that the piece of land that you choose to invest is under litigation or not. Therefore, an extensive search about the builder, his previous dealings, and his background research is required. Trust him only if you think the the builder is genuine.

Calculating the total cost incurred

Do not provide for the amount stated by the broker. Many times the cost mentioned by him is just a basic cost. This means that the cost mentioned does not include various other internal or external factors like parking charges, location fees, development charges, service tax, etc. Everything comprise of the total cost. Therefore, make sure you always ask for the total cost.

Banks that finance the project

The real estate companies usually have a lot of unsold land. They do not posses much money to start new projects on their own. Therefore, they have to depend upon the banks for their investment in the new projects. Financing the projects become the responsibility of the banks at some point. Although, some of the estates and builders, cannot get loans from the bank themselves. So once you finalise the property after making sure that you get the approval from all the right and required places, look for the banks that are ready to give loans at a lower rate.

Check the infrastructure plan and the site

You can tend to receive a boost in the return on the investment you make even if there is a metro link there. Make sure that the property you are interested in, is not near any polluting industry. You have a better and more chances of buying in such cases. It happens most of the times that what you see in brochures is not exactly what you get in reality. You are required to interact with the people there and in the neighbouring areas to know about the area and its history. It is important for you to know about the illegal activities as well as about any sort of dispute regarding the land.

Registration

Make sure that you register the property you like to buy. You need to know whether it is available or not. Once you register, the concerned authority can pass the ownership after certain legal procedure. Then you become the lawful owner of the said property. You should ensure the quality of the projects dealt by the builders.

Any buyer should be aware of the fact that the transactions related to the real estate take time to process. You need to be patient while the procedure is being completed. You need to follow and know about the things mentioned above. Always be aware of the important and new laws concerning the properties at every moment.  A consumer needs to be smart and well aware. You certainly would not want to be fooled or be a part of any foul play. So make sure that you know everything concerning the commercial property in today’s date. It is not just an investment, but a place you can call home.

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